Greek products have a very good reputation, particularly in Germany. This is one of the key factors of the 5. The German-Greek Chamber of Commerce and Industry, with members, is firmly oriented to an outward-looking approach and to the attraction of foreign investments. It is characteristic that each year we organize, all over Greece, more than sixty events and actions aiming at the development and expansion in foreign markets and, particularly, in the largest Eurozone economy, Germany.
The fields of agricultural and nutritional products, Renewable Energy Sources, waste management, recycling, tourism and innovation are some of the fields on which we are placing our focus. These events, only last year, were attended by approximately 4, interested parties,. Last year, the Chamber organized 7 business missions from and to Germany and, for the first time, a Greek business mission to four large cities in Asia, in particular Tokyo, Beijing, Shanghai and Taipei, aiming at promoting selected Greek consumer products and services to the large consumer populations of the Asian Continent, the attraction of investment interest for development projects in Greece and an increase in incoming tourism from Asia.
Besides, on the level of International German Fairs that the German-Greek Chamber represents and cooperates with, Greek participation in exceeded exhibitors, while, for this year, the most recent data shows that participation of Greek companies is particularly dynamic.
Concluding this short article, allow me to note this: The big bet of the Greek economy will be won only if conditions for the stabilization of a sustainable growth course are ensured. These conditions are none other than the implementation of substantive reforms for combatting bureaucracy, the establishment of a stable tax environment, the reduction of non-wage labor costs for businesses, the restoration of the bank financing lines to businesses and the removal of obstacles hampering attraction of foreign investments.
The Action Plan, signed in May , targets to streamline all efforts and meet long term objectives of Chinese investments I 44 I. Facilitating the coordination of bilateral affairs Beijing is more than 7,Km away from Athens but this distance is minimized by the legacy of profound trust, respect and appreciation between the two peoples, deriving from the depths of thousands of years of history.
The role of the Hellenic Chinese Chamber Commerce, Industry, Tourism and Shipping is to become a bridge of communication between its members in both countries, so as to facilitate bilateral trade in imports and exports, enhance cooperation in the services industry, and of course to further attract Chinese investments in Greece. Whoever loves Greece and respects the Greeks cannot stand for the opposite.
This is explicitly indicated by large-scale investment projects for transport infrastructure, energy and telecommunications laying on the Belt and Road Initiative BRI. The Action Plan, signed in May , targets to streamline all efforts and meet long term objectives of Chinese investments, requires high commitment and engagement by all stakeholders. This is where the Hellenic Chinese Chamber steps in and facilitates the coordination of bilateral affairs in the context of comprehensive Strategic Partnership and to further attract new investment inflows.
We strongly believe that with effective administrative capacity and proper monitoring of the investment there are mutual benefits for both countries. On this basis, the Hellenic Chinese Chamber Commerce, Industry, Tourism and Shipping will actively support all the Initiatives and share a mutual vision to strengthen and establish bilateral cooperation towards the expansion of the role of Greece as an important regional hub in the sectors of Commerce, Industry, Tourism and Shipping in Cooperation with China.
Latest developments in the Greek-Russian economic relations provide optimism It seems the business in both Greece and Russia started to adapt itself to the specific realities created by the bilateral sanctions imposed between EU and RF, and found ways to proceed with mutual business development, successfully overcoming also the extremely negative climate that lately characterizes the relations of the West and the Russian Federation.
It is important to indicate in this regard that the Governments of the two countries are working towards supporting bilateral business development: the St Petersburg Economic Forum, held at the end of May , was coorganized by the Greek and Russian Governments, a Greek - Russian Round table, headed by the Greek Alternate Minister of Exterior Mr. A multi-member. Greek Delegation attended the Round Table. Discussion focused on the problems and perspectives in bilateral economic relations, as well as on ways to support them, while Greek participants had B2B meetings with Russian companies.
The impact on business activities between Greece and Turkey through political developments Greece-Turkey business relations developed rapidly in the last 20 years. The aforementioned development was the result of the good political relations between the two countries, which were achieved by the Foreign Ministers of Greece and Turkey, George Papandreou and Ismail Cem, respectively. Good political relations have continued so as the business climate was positive for establishing business partnerships.
Unfortunately, several political events between the two countries in recent years have resulted in a reduction of trade activities, while investments have stopped. The Greek business community has invested in 20 different sectors in Turkey and mainly in the service sector. Notably, as many as Turkish businesses of Greek interests have invested on Turkish territory, while Turkish investments in Greece are targeted at tourism.
Large Turkish groups. As far as tourism is concerned, in , , Greek tourists visited Turkey, while , Turkish tourists visited Greece. The most popular destinations for Turkish tourists in Greece were Athens, and the islands, especially the Aegean islands. Specifically, the islands of central Aegean attracted , Turkish visitors, while the total number of tourists was , Moreover, there seems to be great interest among Turkish investors in the Golden Visa in Greece, after a recent law passed by the Greek government in There is a great interest from Turkish investors especially in Attica, and so far there have been more than Turkish investors who have taken residence permits.
The Greek Turkish Chamber of Commerce and Industry considers that the improvement of business cooperation will depend on the political situation prevailing in Turkey after the elections, as well as on the possibilities of the political leaderships of the two countries to reach each other.
Innovation, ethics and pioneering is in our DNA and in our philosophy For more than half a century, OFET Tsetis Group of Pharmaceutical Companies has been a pioneer in the pharmaceutical industry, aiming at improving quality of life, by producing innovative and affordable pharmaceutical products of ultimate quality. We are all committed to serve medical science with Passion, Ethos and Creativity, and we put human life and wellbeing as our top priority.
We are building bridges with the community and we are serving the Greek economy for more than 50 years! Research and Development, pioneering, innovation and ethics in business, are the crucial keys of our philosophy through all these years! We are not afraid of the challenges, we are seeking them!
Our mission is to maintain the most precious value, the health of the people! We are proud to be pioneers of the 4th Industrial Revolution with state-of-the art production facilities, equipped with the most advanced robotic technology systems for production, packaging and quality control. We recognize our Responsibility towards society, and we contribute enormously. We create job opportunities and we are environmentally and socially responsible throughout ongoing actions of solidarity based on a robust Social Responsibility Strategy.
We recognize that the future of medicine and cure is in our hands and we employ highly qualified scientists, devoted in Research and Development, to introduce new drugs, while we actively participate in research programs. We are fully committed to implementing Quality Management Systems and models of national and international accredited organizations, to ensure utmost quality and excellence.
We are proud for our highly qualified people, who are a key factor for our growth and success. We honor the firm trust and loyalty of the medical community, and we support every movement that promotes and ensures health beyond boundaries and exemptions. We are bold to establish Greek pharmaceutical products in international markets. We are by all means within a constant orbit of growth.
All the above are just a snapshot of what we do in Uni-Pharma and InterMed. We could say that we have discovered the medicine for crisis. We are looking away… Uni-Pharma and InterMed are the only Greek pharmaceutical companies actively involved with a large number of research projects under the Europe Strategy, which highlights research and innovation as key levers for smart, sustainable and integrated growth, while aiming at effectively addressing important issues of concern to the wider medical community.
We need a robust governmental mechanism that will provide funds, accelerate development of industries, and set incentives for intensified export activities. The Greek Dairy Industry is not afraid of competition, simply because we rely on the quality and uniqueness of our products I 52 I.
The Greek Dairy Industry is not afraid of global free competition as long as the rules of the game are fair! The Greek Dairy Industry is one of the most robust sectors of the Greek economy and certainly of the Food Industry for quite a number of years now. It is equal, if not better than any of its competitors, in terms of the lever of science and technology applied.
Although the production is not huge in volume, the type of milk goat and sheep and the amount processed for production makes its produce rare and unique. Despite the numerous and unique dairy products produced in Greece, there are only two that have gained worldwide distinction and can achieve further growth than they have today. The price of the product does not reflect at all the added value of Feta cheese coming from its unique character and its long history and tradition, compared to any other cheese in the world.
There are two reasons for this and one is the depressed domestic market for the last few years and the non-systematic export orientation of the sector for many years now. This record though does not reflect success as it is a result of desperate attempts — as shown by the value of the exports - of producers to make.
The Greek Dairy Industry is not afraid of competition, simply because we rely on the quality and uniqueness of our products. We want to compete in markets where at least the very basic rules of fair competition apply. For Greek honey to reach the top in the international market we need to protect its purity, to closely collaborate with honey producers to establish a Greek trademark…. Staying loyal to our principles is the only way to maintain market stability and preserve the Greek origin of honey.
Despite the economic crisis, there is a great opportunity nowadays, since the European Parliament took the initiative to support European apiculture, beekeepers, bees and honey. Taking all that into consideration, there.
The morphology of Greece is exceptional, a combination of valleys, mainland, mountains and islands. Another reason why Greek honey is considered unique is because it is gathered from a variety of around 6, different types of natural flowers, herbs and trees, 1, of which are only found in Greece. As a result, it is rich in aroma and taste and thick in texture. Finally, only in Greece beekeeping is nomadic, which gives the opportunity for the bees to pollinate in different areas and produce different varieties of honey.
In other words, we are focused on building a strong brand for Greek honey worldwide, and we have all the potential to achieve that! Because we can and must do our very best for society. We are fully aware that the work each of us does will help create new jobs, thereby combating the scourge of unemployment.
Our priorities, in line with the transformation of the company, are to: Finalize and start implementing our comprehensive strategic plan. Undertake major projects and business initiatives abroad in partnership with companies from Greece and other countries I 56 I. We continue to strive for this by promoting our three core Corporate Social Responsibility goals of Environment - Society - Economy which have been central to the corporation for many years now.
This is an endeavour we will continue and intensify in EDA Attikis is recently involved in charities, sponsorships and activities that promote certain cultures that work in favour of society I 58 I. Attractive packages combining natural gas and electricity are being offered in the Greek retail energy market that, in addition, provide for other products and services such as insurance, household maintenance, medical benefits, etc. Market liberalization has brought about a totally different energy model, both for energy providing companies and for end customers.
The expected outcome, as is the case with liberalized markets instead of monopolies, is to secure lower prices for end users through competition between suppliers. Consequently, previous integrated natural gas companies had to unbundle their operations and separate their commercial activities by forming new companies - one for distribution and one for retail market. Of course, this was not an easy task, given that besides legal requirements and relevant regulations, these companies had to transform their procedures and logistics in order to meet free market requirements.
Starting from new office spaces, human resources distribution, information system separation, everything about the new companies is now absolutely different. EDA Attikis from now on is not involved in any commercial activity and acts strictly as the regulating company for the liberalized natural gas market in Attiki. Higher density means more end consumers and thus lower prices due to efficient design and implementation.
This is owed to the residents of Attica, since they must all have equal rights to the utilization of an energy good of the most comparative advantages. Natural gas usages are well known for years but not widely spread due to electricity market dominance for years. Natural gas can be used for heating, cooking, ironing and by any appliance that is specifically designed to function with natural gas in industry or at home. Thermal energy is an immediate result of natural gas usage with minimum losses, and thus heating appliances are most effective and efficient.
EDA Attikis has the expertise and is involved in such applications and gradually expands its activities through innovations and hard work that add up to safety, operability and optimization of its business. Finally, one should add the social impact of our activities. Natural gas must be seen as a product that contributes to a clean environment, relieves household logistics of heavy burdens and provides for a market that offers many jobs.
Natural gas is addressed to every Attiki prefecture citizen who values its benefits: financial, environmental, social. EDA Attikis has been recently involved in charities, sponsorships and activities that promote certain cultures that work in favour of society as part of our recently established department of Corporate Social Responsibility CSR.
From local to global, companies set trends in society. EDA Attikis, facing the challenge of sustainable development, will continue its activities promoting ideas and values to the present and future benefit of societies. Is to grow a portfolio of leading specialty chemical businesses, and generate added value for our customers and the company.
We create sustainable value for our partners by delivering innovative products and solutions. We realize this mission by setting the highest standards in service, reliability, safety and cost containment in our industry. We deliver superior returns to our shareholders by tirelessly pursuing new growth opportunities while continually improving our profitability.
We are committed to maintaining excellence, respect, and integrity in all aspects of our operations. Megara Resins S. For over 50 years Megara Resins has been a pioneer in creating innovative technologies to help coatings formulators meet their customers' most demanding applications. Transforming into a powerful international player in the management of natural gas DESFA is preparing to enter a new era with the successful entrance of leading and reliable European companies into its share capital.
The strategic partnership of DESFA with companies possessing a particularly high know-how and a great number of strategic investments in the wider region will offer the Operator a unique opportunity to expand its horizons, providing its services far beyond the Greek borders and strengthening its position as an international and powerful player on the energy scene, with multiple benefits for Greece and the Greek economy.
In addition, the construction of a number of critical energy infrastructures such as the 3rd LNG Storage Tank of Revithoussa and the Greek section of the TAP gas pipeline, are also being completed. These developments are shaping a brand new landscape, in which DESFA already enjoys a strong presence, opening up significant growth prospects for the gas market and the Greek energy sector as a whole.
NNGTS, as well as by supporting projects of common interest in the region. At the same time, our goal is to fulfill the potential of Revithoussa to serve as a unique source of gas supply diversification in the Balkan region. Soon, Revithoussa will also allow industries and urban areas away from the gas transmission network to have access to natural gas and enable the supply of ships using LNG as fuel.
Having developed a particularly high know-how and operating with an outward looking and cooperative strategy, DESFA consolidates and further strengthens its position as the most reliable partner in the context of the large-scale international energy projects in the wider region. Euroclinic Group: A Success Story The Euroclinic Group has always been known for its continuous efforts to provide top quality healthcare services.
Our main objective is to identify Euroclinic hospitals as key players in the private health sector in Greece. We gradually upgraded our medical equipment. Some of our business and hospital services, which have been costly, were outsourced to more specialized and efficient providers. We adopted modern methods of administration such as the implementation of a processes performance measurement procedure for a six-month period, hiring a qualified expert and installed a permanent system for assessing the performance of processes.
After three years of hard and fine- tuned efforts, we have managed to be a healthy and constantly growing organization that pioneers in our field, providing integrated medical services. Within a constantly changing business sector, Euroclinic Group is definitely a key player in the upcoming years.
Affidea is committed to the expansion of high-quality outpatient services Affinity, fidelity and idea guaranteeing the name of Affidea in combination with the fact that the entire range of diagnostic exams are provided, have made Affidea a responsible and safe choice for customers and the most reliable provider of primary healthcare services in the service of insurance companies operating in Greece. In order to provide comprehensive, high quality and affordable health services to all, we have built a wide and extensive network that responds to the individual needs of patients with respect and safety, which is ensured by our advanced technology equipment.
Affidea in Greece cooperates with the largest private insurance company, Ethniki Asfalistiki, which has trusted Affidea with its individual contracts. This great undertaking, which has been crowned with absolute success, was an extraordinary challenge for us, as this strategic cooperation was only the beginning.
This success marked a new era for our company, changing its momentum and opening new paths for future partnership development opportunities with other insurance companies as well. Recent acquisitions prove our commitment to strengthen our leadership position in advanced diagnostic imaging and our interest in building a platform with additional services at European level.
With an emphasis on human, social responsibility and full awareness that health services are a vital part of society as a whole, we have managed to be at the forefront of our patients. Our main concern is to ensure the provision of excellent quality of health services by working only with state-of-the-art technology and experienced medical professionals, while maintaining standard medical facilities and strengthening the positive experience of patients, providing them with safe and cozy clinical environment.
Affidea is a company with an ambition for both organic and acquisitive growth. Leveraging our core competencies, we will continue to invest in the healthcare industry, expand geographically and create value through digital and data driven adjacencies.
As a leading medical provider, we aim at contributing to creating a healthier society of a solid foundation through medical excellence, standardized medical protocols along with an outstanding customer experience. Our promise is affordable and excellent care with proven medical outcomes delivered, using the best digital and medical technologies.
And I can assure you that this is not just a wish, but a well-organized strategic plan for the next years. Providing the best possible care Athens Eye Hospital protect the most precious sense of all your eyesight. In Athens Eye Hospital, healthcare provided by internationally renowned doctors in conjunction with continuous research efforts build the foundation for contemporaneous evidence-based medicine in our everyday practice.
Joint efforts are made to successfully treat a number of pathologies, such as diabetic retinopathy, degenerative maculopathy, chronic glaucoma, and infantile cataract via partnership of twelve ophthalmology sub-specialties, basic science, and additional support by collaborative academic centres and colleagues from other specialties. In Athens Eye Hospital, we abide by the principles of translational research and dedicate time to responsibly integrate key research findings with our practice, with the ultimate aim of patient care optimization.
Thus, all patient needs are taken into consideration instead of restricting our care to eye health and vision problems. Applicable and reliable techniques for treatment of diseases which cause permanent loss of eye-sight include the implantation of special lenses in young children congenital cataract, bag-in-the lens concept , glaucoma microsurgery. Besides clinical investigations the scientific team of Athens Eye Hospital pursues basic, applied and traditional research projects in the field of physiological optics and vision.
Athens Eye Hospital has developed a novel method for the analysis of corneal topography data. The method reveals the mechanical stress in the corneal tissue based on the analysis of corneal curvature and pachymetry data. This method may facilitate the better understanding of conditions such as keratoconus and also in the prognosis of their progression.
Often understanding and addressing the visual requirements and expectations of each individual patient can be challenging. This makes it difficult to decide what to offer to the patient making an individual specialized solution such as a multifocal intraocular lens. Our mission is to provide the best possible care in those who truly need it. Greece is a country historically linked to its marbles, having one of the greatest varieties of marbles and boasting of its indigenous pure white high quality marble that makes it unique worldwide.
According to Stonenews. Our country has outstripped Spain in value terms since and a year ago it surpassed Spain in quantity as well, now becoming third force worldwide. In , Greece stunned international markets with the exponential increase of raw marble exports, setting a record high in value, quantity and price per ton.
According to statistics, Turkey is leading in raw marble exports steadily followed by Italy, Greece and Spain. Target-markets are the crucial factor for the increase in export yield. Nevertheless, it must be taken under serious consideration that there is.
Exports in these countries can certainly be a window of opportunity for aspiring companies in the field. In this way they will be able to reinforce and differentiate their international presence. Although China will remain one of our major export destinations, we seek to further expand to other markets in Asia and Arab countries. Furthermore, research and development, mainly towards the acquisition of new deposits, especially white marble deposits, is an important factor that will contribute to the wider development of the company and higher infiltration into new markets.
At the same time, it is worth mentioning that the main engine for the development of the Greek travel industry is luxury tourism. This can be explained by the reopening of Turkey for Russian tourists, as well as the World Cup that will be held in Russia. Both aforementioned factors, however, did not affect the luxury niche of Greek tourism and wealthy Russians still choose Greek destinations for their vacations.
This is partly also the merit of Beleon Group. Proper preparation for the travel season allowed us, apart from keeping our position, to also increase the turnover. Our winning strategy is based on three main pillars. The main asset of Beleon Group is the experience and cohesion of. The annual high-quality contracting, with an emphasis on the guarantee blocks with the leading hotel brands of both countries, is equally important.
The final aspect of our success is the extensive fleet of VIP class vehicles that is being expanded and updated every year. The efficient distribution of cars, mini-vans and spacious buses among all priority destinations allows us to fully meet the needs of our guests in means of transport, without involving third-party service providers to this process.
All of this is very appreciated by our partners, and their trust directly affects the growth of our bookings. That component is constant development. Along with the services already offered, we currently invest in a number of projects that are new to us. It is still too early to talk about the details, but the announcement will be made soon.
Major changes in the health sector, globally and in drug retailing, require also an adjustment of the role of wholesalers I 72 I. Future trends in the pharmaceutical market and changes in the wholesale Changes in the global pharmaceutical market, as well as the new needs of healthcare market professionals industry, pharmacies, patients, insurance organizations do have an impact on the wholesale market.
These require a readjustment of the identity and role of businesses active at wholesale level. The key role of cooperative pharmaceutical organizations so far and the needs covered in the past decades were the provision of logistics services by facilitating the supply of pharmacies at the frequency and quantities of medicines tailored to the needs of each pharmacy, and in many cases helping pharmacies by indirectly financing them.
This function of cooperative pharmaceutical organizations has been for many decades the sole purpose of their existence. The establishment and operation of cooperative pharmaceutical organizations in many parts of the country further developed this role by offering additional services that drug stores needed to operate in an organized and evolving fashion.
Such services included IT, equipment and software supply, professional and scientific training services usually in cooperation with pharmaceutical companies , organization of pharmaceutical conferences, merchandising services and provision of specialized personnel for the development of consumer products, etc.
All this has helped pharmacies to upgrade and be established in the market for many years. However, major changes in the health sector, globally and in drug retailing, require also an adjustment of the role of wholesalers. Increasing the share of high-cost drugs and their removal from distribution, as well as the prospect of generating individualized drug therapy, the particular and stringent requirements for supplying new biotechnology medicines with the specific requirements of patient reception and education, and the need to feed statistical data show that the previous model does not serve future industry needs.
The future is digital, and wholesales will need to adjust not only their internal functions and processes, but also their services. Although effort for the development of a digital relationship between Wholesalers and Pharmacies is at a good level, the same does not apply for the relationship between Industry and Wholesalers.
Connections for ordering and processing invoices e. EDI are almost non-existent. Healthcare information needs and requirements are constantly increasing. However, the pharmaceutical market is still structured, which makes extensive interaction between stakeholders impossible.
Partnerships in this direction are of major importance to drug wholesalers, who have a key role to play, since of course they manage to adapt themselves. Adapting to an environment where all of the above are combined, requires strategic thinking out of the box. Backed by strong first class Reinsurance Treaties, with reserved capital reaching million euros and with State Guarantee Capital amounting to 1.
ECIO is addressed to all Greek export companies, especially to small and medium sized ones, even those that are newly established in every sector of exports, regardless of their size, from the very first shipment. ECIO provides coverage to the export credits granted by Greek exporters to foreign buyers of Greek products, services or even projects against commercial and political risks of non-payment. ECIO also insures the investments undertaken abroad by Greek entrepreneurs against political risks.
Direct Investments Abroad. Aiming always at growth in exports, ECIO has started the pilot implementation of the. ECIO has entered into special contracts with Greek banks while maintaining committed funds for the support of the above program, thus enabling exporters to obtain financing at a particularly favorable interest rate. Africa, M. East, N. America, Balkan countries, etc.
In light of the above, we strongly support through our services the efforts of exporters towards extroversion. Megaron Athens International Conference Centre In Pursuit of Excellence An exceptional meetings venue offering stunning aesthetics and cutting edge technology. A landmark in the centre of a most unique city.
Total offering of ,m2, 18 meeting spaces, expansive exhibition areas, sweeping foyers and extensive landscaped gardens. We envision a dynamic, flexible and modern company in the wider field of services with the Accounting - Taxation Consulting triangle I 76 I. The Greek economy is growing and an increase in growth rates is expected in and , a development that will help to support employment.
The key driver of rising growth in Greece is exports, but a significant role is played by the wider euro-area recovery from which the country benefits, as well as improved competitiveness through the structural reforms imposed. There is a steady improvement in the Greek labor market and a general rebound in the business climate.
This positive development is expected to help increase private consumption. Inflation stood at 1. However, a reduction is envisaged in Generally speaking for the eurozone and the EU the Commission envisages an increase in growth over the period GDP grew in the eurozone by 2. The high level of training of our associates and our experience enable us to effectively manage all aspects of our business. Our services aim at tailoring the business and information needs of the customer with the requirements of the applicable legislation.
As part of the ongoing changes in tax law, we provide valid and timely information to our customers, focusing on the needs and peculiarities of each business. Through a multi-year presence in the field of Tax Audit Consultants as a company we have gained the trust of our clients at all levels knowledge, efficiency, effectiveness and we are now confident to cover all kinds of business. Reliability is documented in the best possible way, from our customers.
We envision a dynamic, flexible and modern company in the wider field of services with the Accounting - Taxation - Consulting triangle, in order to help in our own unique way in the development, efficiency and competitiveness of modern Greek enterprises that are invited to act in a volatile difficult international environment. We constantly invest in knowledge, technology and human resources. Throughout , the company demonstrated a positive track record of growth in the entire range of its activities I 78 I.
In this context, the company implements since late the 2nd phase of upgrading the distribution facilities in Attica, on a plot acquired in early This phase involves mainly the design and construction of a modern and high capacity sorting center, and it is planned to be completed around early In , the courier services market is expected to continue rising, mainly due to e-commerce growth.
The Group and its Companies mission is to create long term value for their customers, shareholders and stakeholders, and to play a leading role in the markets in which they operate, based on the principles of sustainable development, having as a driving force the people and the values of the Group. Despite the tight financial and political circumstances that have been stressing the country the past 9 years, the brewing sector appears to have responded effectively in this crisis mainly thanks to its exporting activity, which is being expanded in a high pace in contrast with other food and refreshment segments of the Greek Market.
These outcomes are emphatically associated with the socioeconomical changes taking place in Greece, followed by the continuous economic crisis and financial insecurity. The situation though has also created new opportunities for the brewing sector. Numerous microbreweries have. Microbreweries entreprneurs have been focusing on offering new and imaginative brew formulas I 80 I.
It is worth noting that from till new microbrewery ventures are on a constant rise, setting a new era for the Greek Brewing Sector. Concerning the beer imports, a large portion of which derive from EU nations, it is worth noting that in the figures continue to decrease, presumably thanks to the continuous increase in demand for original Greek Beer as well as the revival of the Greek Brewing sector.
Beer production and consumption figures in Greece are on the rise, indicating that the Greek breweries, although small, are destined for success. Their dynamic and passionate operation, as well as the indisputable quality of the beers they produce, set a new era for the Greek Brewing Sector, an era of continuous development and uprise.
In spite of the financial crisis, the continuing cuts in funding by the government Budget related to Private Health Private Clinics, Medical Diagnostic Centers, etc. Nevertheless, daily routine proves the confidence that the Central Clinic of Athens receives from the patients, Greeks and International, as well as from Physicians.
Strategically located in the center of Athens, the Central Clinic of Athens has also invested a lot in the field of Medical Tourism, having established important partnerships with Hotels located also in the heart of the capital center, Tour Operators and Cruise Ship Companies. In this direction, the other Medical Group Unit, the Central Clinic of Santorini, runs as the arm towards the development of medical tourism, as well as the creation of special partnerships with Foreign Insurance Companies that handle the primary and secondary health care of foreign tourists visiting Greece.
Finally, the second consecutive PanHellenic Medical Meeting Medical Congress organized by the Central Clinic of Athens will be held in September , with a large participation of delegates, Greek and distinguished Foreign Speakers, confirms our continued commitment in providing high-quality health services to the patients.
Based on the successful financial model of having no loans but with stable and methodical development, the Central Clinic of Athens will continue to operate in , adapting directly to the innovations of medical science, the challenges of economic indicators and looking ahead to the new era that will follow up the recent and upcoming mergers and acquisitions. As we have gain a long of experience in industry and automation systems we decided to enter in the robotics technological field as integrators establishing a new company named Gizelis Robotics SA.
Our end-to-end solutions encompass technology, people and data; span across front, middle and back offices; and are focused on quality, governance and control. We cover all aspects of systems integration including digital solutions, package integration, custom development and infrastructure. Our Robots can be involved in many different applications like welding — bending — machining — painting — palletizing and many more. Our engineers and technicians have a long-standing experience on robotics, with numerous of industrial applications in this field.
The company can develop new applications and run all necessary trials needed to offer high-standard products and services. The company has acquired significant technological infrastructures. The product benefits are significant and undeniable, and the applications immense. Our unique, holistic approach for Robotics and System Automations is a true production solution that offers the boost that is required by an industry at any given time.
No matter what stage of maturity a business is terms of its automated procedures, we can plan and implement a solid manufacturing solution. The most modern and steadily growing pharmaceutical wholesaler group with activities extending into imports, trade, warehousing and distribution of pharmaceuticals, OTC, cosmetics and health products throughout Greece.
Technology is the key to our strategy We constantly invest in new technologies so we are always ahead of the competition. Leader in the pharmaceutical supply chain We are a leader in the pharmaceutical supply chain industry, always operating in compliance with the European Commission guidelines on Good Distribution Practice of medicinal products.
Bulk Purchasing We have the widest range of OTC products at the best prices in the market as well as exclusive distribution agreements with strong European companies. French Hellenic Chamber of Commerce and Industry has a key role to play in order to transform these business opportunities into reality. Greece : a new land of opportunities for investors?
Around French companies are present in Greece with more than It has to be highlighted that, despite the economic crisis, most all of them decided to remain in Greece. These companies are usually established locally since decades and are deeply involved in the development of the Hellenic economy through long term partnerships with the private and public main actors. To invest, entrepreneurs are looking, first of all, for trust, stability and especially for a predictable legal, fiscal and administrative environment.
Companies also particularly expect improvements towards tax policy, the too heavy bureaucratic system and in the field of the simplification of the administrative procedures. The excellent bilateral relation and the climate of trust never denied between our two countries should definitely be a catalyst in the reinforcement and the development of the cooperation between. French and Greek entrepreneurs. In this perspective, the French Hellenic Chamber of Commerce and Industry has a key role to play in order to transform these business opportunities into reality.
Entrepreneurs know that they can rely on the political support from both sides, in order to materialize the numerous potentialities into concrete achievements. As said before, environment and tourism are clearly identified targets for the French Hellenic Chamber of Commerce and Industry in But, infrastructure and agriculture are also at stake.
Each market has its specificities. To succeed in Greece, investors have to show patience and to select the proper partnerships. Greece is also an excellent starting point to address export markets, especially the Balkans region. Highly qualified and educated personnel are key assets of the country to successfully face the challenges of the new digital economy by leveraging the dynamism of the Hellenic innovation ecosystem turned to the technologies of the future.
Contact details 8A Chimarras St. Founded in , Hellenic Petroleum ELPE is one of the leading energy groups in South East Europe, with activities spanning across the energy value chain and presence in 6 countries. The Group is the domestic ground fuels marketing leader, with a retail network of some 1, service stations throughout Greece, as well as LPG, industrial, aviation and marine fuels and lubricants businesses.
Hellenic petroleum is a leading player in SE European markets. In , Hellenic Petroleum posted a high increase in turnover, as well as a rise in earnings before taxes. Total sales jumped to 7. Exports in amounted to 3. The domestic market in the same year made sales of 2. Earnings before tax amounted to million euros compared to million euros in Contact details 12A Irodou Attikou St.
Motor Oil Hellas MOH is committed to being a leader in the petroleum refining business, providing its serving region with a reliable and affordable supply of energy. Through its evolution, MOH is now considered as one of the major contributors to the domestic economy and a key market player in the region.
The Refinery with its ancillary plants and offsite facilities forms the largest privately held industrial complex in Greece and is considered as one of the most modern refineries in Europe. Due to its flexibility it can process crude oils of various characteristics and produce a full range of petroleum products, complying with the most stringent International Specifications, serving major petroleum marketing companies in Greece and abroad.
The Refinery production operations are located in Agii Theodori, in the province of Corinth, about 70 km outside Athens. Additionally the environmental management systems are certified according to ISO At group level, Motor Oil in posted a rise in total sales to 7. Earnings before taxes also rose to million euros compared to million euros in In the same year, the Company reported a surge in sales to 5.
A breakdown of the volume of sales reveals the strong export character of the distillery sales abroad, including shipping, amounted to Contact details 62 Kifisou Ave. According to a decision by the Extraordinary General Assembly of the shareholders of the Company, its registered office was moved to the municipality of Peristeri, Attica.
The Company may establish branches, agencies and offices in Greece and abroad in order to serve its purposes. The company was founded in as the national lottery in the country, and was listed on the Athens Stock Exchange in , holding the exclusive license to use any numerical lottery 7 games , the sports betting 4 games and horse racing.
The Group also owns the following companies: Hellenic Lotteries S. Group pre-tax earnings dropped to million euros, from million euros in Revenues in Q4 increased by 2. Net profit in dropped Adjusted net profit in Q4 came in at Contact details Spata , Greece Tel. Build-Own-Operate-Transfer concession to build and operate the airport. Thanks to its favorable geographical location at the cross-roads of three continents, state-of-the-art infrastructure and top-notch service, the Athens International Airport has earned the trust of passengers, as well as numerous international distinctions and awards.
Today, it constitutes one of the major gateways to South-Eastern Europe and forms a unique entrepreneurial entity of economic and social development in the Attica basin. Over 13, people are employed as part of a large airport community, which consists of more than companies closely connected to AIA and constitutes one of the biggest employment engines in Greece.
During its 15 years of successful operation, the airport has served more than million passengers through 2. AIA offers its airline partners one of the most innovative and integrated incentives programs, to ensure sustainability and further growth of both domestic and international traffic. Besides its aeronautical and non-aeronautical activity, AIA remains always committed to its role as a responsible corporate citizen, introducing and implementing a range of programs, actions and special CR initiatives for society at large, and with a special focus on its neighbors in the local communities.
Overall, in , the Athens International Airport recorded an all-time high performance, with More specifically, the domestic passenger number rose to 7. Contrary to the first three months of , the strong rise of the domestic market this month is noteworthy, attributed both to Easter Holiday, as well as to the enhanced domestic operations during the running summer flight schedule.
Contact details 30 Chalkokondyli Str. It is also the owner and operator of the electricity distribution network, through its subsidiary HEDNO SA, and the largest power supplier, providing electricity to approx. Contact details 99 Kifissias Ave. OTE Group employs a staff of more than 20, in three countries. Its mission is to bring technological capabilities to all, so that everyone can live and enjoy at the fullest all possibilities offered now, while also building on them for a better tomorrow.
In addition to its core telecommunications activities, the Group in Greece is also involved in maritime communications, realestate and professional training. Abroad, the Group operates in the telecommunications markets of Romania, where it offers fixedline and mobile communications, as well as television services, and in Albania, where it offers mobile telephony services.
Telecommunications infrastructure OTE Group invests heavily in New Generation Networks, creating infrastructure which will boost the Greek economy and create growth potential. In mobile telephony too, OTE Group breaks new ground by constantly developing its networks.
Sustainable growth Through technology and innovation, OTE Group aims to create a better world for all. Responsible business conduct is a prerequisite for doing so. In a difficult period for the Greek economy and society, OTE Group supported vulnerable social groups, children, education, entrepreneurship, local communities, culture and sports, offering more than 4.
Consumption increased further to In total, Karish and Tanin contain mmboe net to Energean 2C resources. The Facility Agreement will be the primary source of funding for the development of the Karish offshore gas field over the next three years, with first gas production expected in early Energean announced that it has made the Final Investment Decision for the project on March 22nd.
It should be noted that as of the 18th of June,. Development projects in Greece Energean is also producing from the Prinos and North Prinos oil fields, as well as the South Kavala natural gas field, offshore NE Greece, and employs excluding sailors, subcontractors, etc. In Western Greece, the proven oil field West Katakolo contains Energean plans to make a Final Investment Decision about the development of the field in , subject to market conditions.
Upside potential from exploration activity In Karish and Tanin fields, 2. The same independent. The significant exploration potential in the licences held in Israel, in the Adriatic and in Western Greece, provides Energean with the basis for future growth.
The Group offers a wide range of high-quality financial products and services, including retail banking, SMEs and corporate banking, asset management and private banking, the distribution of insurance products, investment banking, brokerage and real estate management. Alpha Bank constitutes a consistent point of reference in the Greek banking system with one of the highest capital adequacy ratios in Europe. Alpha Bank is active in the Greek and international banking market, with a presence in Cyprus, Albania, Romania and London.
In April , a loan agreement previously signed with EIB, was activated for raising a total amount of Euro million. In March , Alpha Bank participated to the international consortium for the long-term financing of Fraport Greece, regarding the concession of 14 Greek regional airports. Also For yet another year, the Bank received major distinctions at the annual survey conducted by Extel, which highlights the best professionals of the financial sector in Europe.
The Investor and Analyst Relations Division ranked, for the fourth consecutive year, first in Greece out of 30 companies and also came ninth out of European banks. The bank reported turnover of 1. Pre-tax earnings dropped to million euros compared to million euros in Contact details 40 Stadiou St.
In , a new toy store named Jumbo was launched in Athens, offering customers joy, fun and carelessness. Today, 30 years on, thanks to its extensive range of toys and games, the company is the top retail choice for children and adults. Today, the Group has a leading position in the retail sale of toys, baby items, gifts, homeware, stationery, etc. As at June , Jumbo numbered 74 branches, of which 51 are located in Greece, five 5 in Cyprus, nine 9 in Bulgaria and seven 9 in Romania, while the Group also operates an electronic store, e-Jumbo.
In addition, the firm recently renewed its franchise deal in Bosnia. The group employs 5, people June , including 4, permanent staff and temporary employees. On a financial level, the group in made sales of million euros and pre-tax earnings of million euros. The company in the same year saw its sales increase to million euros, compared to million euros a year earlier; pre-tax profits amounted to million euros compared to million in The group operates in four geographical segments: Greece, Cyprus, Bulgaria and Romania.
The bulk of net sales in came from Greece million euros , followed by Cyprus The largest percentage of sales came from household items Contact details 9 Kyprou St. Well into its 79th year of operation, AB Vassilopoulos is still going strong in leading the Greek food retail sector. Focused on quality and on providing excellent services and a wide range of products at competitive prices to consumers, the company is established in the minds of its suppliers, partners and customers as a reliable choice.
Until today, as a member of the Ahold Delhaize family, AB Vassilopoulos continues to follow a steady path of growth, operating more than stores throughout the country and employing more than 14, people — while maintaining its distinctive Greek identity as it supports its staff, customers and the national economy. To improve the life quality of the local communities in which it operates, the company implements integrated CSR programs.
The Greek society embraces its activities, as shown by the measurable results of operations. AB is keeping its leading position in the Greek retail market aiming at constantly improving, inside and out. Contact details 81 Spaton Ave. Attica Tollway, locally known as Attiki Odos, is a pioneering project constructed on a concession basis, which constitutes one of the biggest co-financed road projects in Europe. Attica Tollway is a modern motorway extending along 70 km.
It forms the ring road of the greater metropolitan area of Athens and the backbone of the road network of the entire Attica Prefecture. It is an urban motorway, with two separate directional carriageways, each consisting of 3 lanes and an emergency lane. The suburban railway of Athens has been constructed in the central reservation of the motorway.
Attica Tollway is a unique piece of infrastructure based on European standards, as it is essentially a closed toll motorway within a metropolitan capital, where the problem of traffic congestion is acute. Greece will be among the group of just five countries in the Eurozone expected to sustain positive growth in ; deficit, as well as unemployment, is expected to range at levels lower than the Eurozone average. The dynamics created in the previous years, resulting from a series of important reforms, act today as a sturdy bulwark against the spectre of recession threatening Europe in its entirety.
This is why reinforcing this drive constitutes a fundamental strategic choice for the Greek Government. For Greece, however, maintaining a balance in public finances represents a necessary as well as vital priority, in order to safeguard the credibility of Greek economy in the international markets and secure improved terms for its foreign borrowing.
In this context, the Greek Government is implementing a comprehensive plan for alleviating the impact of the international crisis and improving the perspectives of Greek economy so that it can vigorously usher in a new era. The basic goals of this plan are the following: First, consolidating public finances and suppressing deficits, with special consideration being given to the drastic curtailing of public expenditure.
For this reason, a series of measures have already been announced, aimed at curbing primary expenditure throughout the ambit of the bodies and institutions of the general government and limiting extravagant spending. At the same time, we are promoting various actions for dealing more effectively with tax evasion by escalating audits and conducting extensive data cross-checking. Secondly, bolstering employment and supporting the financially weaker citizens.
In this context we promote actions to support the unemployed, low-income pensioners and groups of handicapped people. We also implement Proactive Employment Policies and promote actions in support of the unemployed, seeking to re-integrate them into the labour market. Last, but not least, sustaining growth. In this context, our central priority is enhancing financial liquidity, with the efficient implementation of the relevant scheme, worth 28 billion Euros.
At the same time we offer support to the financial sectors that are being affected the most by the consequences of the crisis, like small and medium-sized enterprises and tourism. Among these is the acceleration of the realisation of the National Strategic Reference Framework — , through which approximately 40 billion Euros, originating from EU, national and private resources, will be invested.
The commencement of new actions, worth 1. The investment climate in Greece is further strengthened by policies like the implementation of Public-Private Partnerships, through which investments amounting to a total of 5. In the context of the Investment Law, 5, programmes have already been approved, corresponding to investments of 9.
At the same time the Government continues its programme of structural reforms in order to enhance competitiveness, and further improve the entrepreneurial and investment climate in Greece. The Greek Government is determined to pursue the balanced and concerted realization of the three abovementioned goals, adopting the appropriate measures and readjusting its policies to the everchanging realities of the international environment.
It possesses the plan and, more importantly, the political will to ensure that, by the end of this crisis, the Greek economy will continue to grow at higher rates, resting on more secure foundations. It will continue to create new opportunities, benefitting the country as well as its entrepreneurial partners.
Our goals are, firstly to support the real economy, the liquidity of the market, by boosting small and medium enterprises as well as improving the business environment. Secondly to focus on green energy that will help protecting the environment and at the same time attract new investments. Thirdly to support research and development, with special focus on linking innovation to the markets. In other words our focus is on the production of new, innovative products.
Fourthly, to protect consumers from practices that are against competition. As for the first axis, we are fully using EU funding aiming at enhancing competitiveness and entrepreneurship. It is an innovative Fund not only for Greece but for the rest of the European Union. During these first two months that the Fund has been up and running, it has given around 1,5 billion euros to Last week we announced a new programme that assists women and young people to start up their own company.
During the first phase of the project we will fund women and young entrepreneurs with 80 million euros. And we will not stop here. Soon we will announce new programs that will help to further improve competitiveness in Greece. In addition to that, we are trying to encourage the founding of new companies both by Greeks and non Greeks. The Greek government is implementing a reform of the public administration, with an emphasis on simplifying the regulatory environment for business and citizens, and reducing red tape.
In the World Bank Doing Business Report, Greece has improved its position by 10 seats in comparison to last year in terms of improving its business environment. We still have a long way to go, but nevertheless this Report is a positive sign. We are working more on this matter. We are creating one stop shop for the establishment of new companies that limit the number of days needed to start up a company and at the same time give advice to new businessmen.
In order to facilitate investments in this field we are already implementing a new law that makes the process of installing photovoltaic systems easier. A similar law will be introduced soon supporting renewable energy and especially wind energy. The third axis of our policy refers to Research and Development in Greece.
We are focusing on linking research and innovation to the market. Again here , we fully utilize EU funding. We will also launch a new initiative to evaluate and upgrade Greek research institutions. The last but not least axis of our policy in the Ministry of Development has to do with the protection of the consumer.
In this respect, we are preparing a new bill, in order to upgrade the National Competition Authority, since we need to create a more effective tool to identify and prosecute cartels. In addition to this, we have created a new Special Secretariat in the Ministry of Development for the supervision of the market, which is expected to operate soon.
Furthermore, next month a new system, the Observatory of Prices, will be up and running. This Observatory will aim to inform consumers on the different prices of products. This new measure is expected to contribute to price stability, improve competition and benefit all the intervening agents in the chain, especially the consumers.
These are some important initiatives to strengthen the Greek economy, to help us all deal with the current crisis in the most effective way. We can not make it alone. No country, no matter how strong it is, can deal with a universal problem alone. We need to discuss with our counterparts in the rest of Europe, exchange ideas, best practices, initiatives and, when needed, adopt our policies to the new circumstances that change every day. What we need is to be alert, positive and focused on the implementation of our strategy.
This is the only way to deal with the crisis and we can assure the Greek citizens that we will succeed, as long as we keep working together. The general market uncertainty has eroded equity market prices and has reduced consumer and business confidence. Rebuilding confidence and promoting financial stability in Europe means among other things enhancing better and more effective EU financial regulation which will prevent the kind of systemic and interconnected vulnerabilities European financial markets have been through and will reduce the chances of events like these happening again.
Impact Assessment - a key policy analysis tool Policy development can be driven by various factors but it is accepted that policy decisions should in every case be based on sound analysis that is fed by the best data available. Impact assessment IA is a key tool in this regard because it provides an analytical framework for ensuring that policy proposals are justified in terms of a proper understanding of the nature of any perceived problem.
The IA helps to identify the past or likely future effects of regulation and supervision on markets and, ensuring engagement with all affected parties, helps policy makers and stakeholders alike develop an appreciation of the respective dis advantages of previous policy responses and proposed policy options. In this way, it provides new information that can help policy makers to describe and explain the decision making process and t here by improves the way in which the most effective policies are identified, chosen and implemented.
It is also a means of communication between the European Committees, the different national regulators involved, the regulated firms and other affected or interested parties. An IA has three key ingredients: firstly, an analysis of the reasons why a market or existing regulation does not work well and of the possibility of improving the situation by some carefully chosen Alexis Pilavios 6 regulatory or supervisory action; secondly, public consultation about the regulatory policy proposed; and, thirdly, a review of the effectiveness of the policy implemented.
The first two steps of the IA process should be carried out from an early stage of policy making. Their value is greatest when policy options are still open. This is the stage that financial regulators in Europe stand right now and this is w here the IA could prove extremely useful. Today the 3L3 Impact Assessment Guidelines are fully operational, ensuring that anticipated side effects of any new European policy initiatives will be properly addressed, assessed and taken into account.
T here is an increasing recognition of the value of the IA at EU level. For example, the European Commission itself is applying an IA approach in new and ongoing policy initiatives. Clearing and settlement, credit ratings, disclosure requirements for medium-sized companies, provisions relating to undertakings for collective investment in transferable securities UCITS , Rebuilding confidence and promoting financial stability in Europe means among other things enhancing better and more effective EU financial regulation which will prevent the kind of systemic and interconnected vulnerabilities European financial markets have been through and will reduce the chances of events like these happening again.
T here fore, implementing an IA corresponds to good EU policy practice and is in line with the wider efforts made to develop better regulation. These are no ordinary times. As consumers batten down the hatches and the global economy slows, senior executives confront a more profoundly uncertain business environment than most of them have ever faced. A few months ago, the only challenges to this global system seemed to be external ones like climate change, terrorism, and war.
Now, every day brings news that makes all of us wonder if the system itself will survive. It is fair to say that just about no-one could foresee the magnitude of the crisis 20 months ago when it started with the meltdown of the US housing market. Given the dramatic events in the capital markets, everyone is wondering what will happen next — and what the implications are for the "real economy". Initially the crisis was simmering in the USA, first with the subprime loans, then with the fall of housing prices and the increase in mortgage defaults; yet it looked like the world economy would weather it out.
However, in the autumn of we witnessed a financial upheaval, unprecedented both in scope and in the speed with which events unfolded. Here is how Warren Buffet, no stranger to the markets, describes it: "By the fourth quarter, the credit crisis, coupled with tumbling home and stock prices, had produced a paralyzing fear that engulfed the country. A freefall in business activity ensued, accelerating at a pace that I have never before witnessed.
The U. Fear led to business contraction, and that in turn led to even greater fear". W here some had hoped that the earlier collapse of Bear Sterns signified the end of the crisis, it turned out that it was only an early warning. Financial Services landscape changed irrevocably — and virtually overnight. The subsequent fall of Washington Mutual, the takeover of Wachovia by Wells Fargo, and European government intervention in Fortis, Dexia, Hypo Real Estate and others have only accentuated the gravity of the moment.
And beyond the uncertainties facing the real banks, t here is mounting concern around the rest of the shadow banking system: hedge funds and other "alternative" investment vehicles. What began as a leverage crisis and a credit crunch has turned into a full blown insolvency problem as well.
The size and number of victims of this crisis, all point to a turbulence that is extraordinary in nature. While no one can predict with certainty the duration of the global economic slowdown, a recession now seems inevitable, and is likely to be relatively long. This crisis has spread beyond the financial sector and has affected the real economy and capital markets, which are down again this year, following a disastrous ; Exchanges globally, from Japan and Hong Kong in the East to UK and the US in the West are experiencing unprecedented levels of volatility, with record one day gains being followed by equally impressive one day losses.
Some countries, such as Russia, either shut their exchanges down, or imposed limits on trading activity, with many markets putting temporary restrictions or outright banning short sales. These are not ordinary events, and we are not living in ordinary times.
We are experiencing, beyond any doubt, one of the most violent financial crises of all times, a crisis that is in no small part due to the greed for quick and easy profits by a large number of traders in banks, hedge funds and other financial intermediaries. The credit crisis is the consequence of aggressive risk taking by highly leveraged financial institutions which funded unsustainable economic growth, particularly in the U. Underlying this dynamic were three widely held misconceptions: that the creditworthiness of borrowers was strong, that investors were sophisticated and that credit risk was widely distributed.
In the middle of these extraordinary times, the task of business leaders must be to overcome the paralysis that dooms any organization and to begin shaping the future. In addition, our capital market here in Greece, is very much in the periphery of the world financial system, as witnessed by the outflows from our market by international investors. T here is only one way to develop the Greek market, and that is to increase its visibility by being extroverted.
With increased communication with investors, roadshows in Europe and the United States in order to promote the listed companies to international institutional investors. Once again congratulations to the organizers. Since this is not the first year that this event is taking place, I am glad to see that it is becoming a successful annual event in the Greek market. Investor Relations "IR" now risk becoming a victim of the current market reality, as in the maelstrom of the financial markets many Corporate Executives may be asking themselves whether Investor Relations are really necessary and whether they could indeed make a difference.
Global markets are interconnected with Listed Companies and investors interacting in the global market place; Listed Companies look for capital at reasonable cost while investors look for attractive and promising investments. It is a complicated and challenging world out t here and Listed Companies have to compete for the attention of global portfolio managers, analysts and financial media.
The meltdown of valuations around the world has created opportunities everyw here and has made it even more difficult for Companies to attract this attention. Nicolas Bornozis Investor Relations - A competitive advantage In this environment, a consistent Investor Relations program can be a significant competitive advantage and make a difference. Investors, who have seen their portfolios decline dramatically, need to identify new investment opportunities.
Today, t here is a flight to quality, with quality defined not only in terms of a sound business plan with growth potential coupled with attractive valuation, but also in terms of ad here nce to high standards of Corporate Governance, financial transparency and Investor Relations. Given the excesses and transgressions of the recent past in financial disclosure and Corporate Governance, long-term fundamental investors may be willing to pay a premium for this quality which can minimize surprises in their investment portfolios.
Investors inevitably take the market risk but they want to be able to choose and minimize the Company risk. Now more than ever before, they are looking at the quality of the management they invest in, as well as its commitment to Investor Relations. T here are several misconceptions when it comes to defining or executing an Investor Relations program. Many Companies believe that they are too small to attract investor interest, or that if they just go to a road show they have completed the task.
Many even doubt that it is worth doing anything at all in periods of such market weakness, like we are now experiencing. Investors tend to buy on expectation and sell on the news. So, it is in periods of weak markets that investors will be looking even more actively for promising investments. With the markets being so weak and with valuations being so low, the opportunity for investors is now. Notwithstanding the fact that Greece is a member of the European Union and is a developed economy and a developed stock market, it still remains a peripheral market for most investment portfolios.
This is why the need for extroversion is even greater. T here is plenty of capital in the world today with portfolio managers following all kinds of investment strategies. T here are passive investors who replicate an index, active investors who invest in large capitalization stocks, or in small-to-mid stocks, those who focus on specific sectors and regions and so on.
True, larger capitalization Companies that belong in global sectors such as banking, telecommunications and energy may benefit from the attention of global brokers but do not necessarily have an easier time in terms of retaining their position in global portfolios, as evidenced by the recent outflows from the Greek stock market. Small and mid cap companies can also gain and retain a position in investor portfolios provided they identify those investors who focus on their sector or market cap and actively seek them out.
An Investor Relations program needs commitment To formulate and execute an IR program takes some commitment but is not a Herculean task. Just doing a road show, as good as it is, will not suffice to do the trick. An IR program involves generating a consistent and meaningful information flow; making it easily visible and accessible to analysts, investors and media; identifying the proper investor group to reach out to; establishing and maintaining active communication with the investor and analyst community through conference calls and road shows on a regular basis; gathering market feedback and adapting the IR strategy accordingly.
Above all, it takes planning, putting together a strategy with timetables, objectives and specific actions to be taken. Keeping a low profile, while believing that investors will spot the opportunity presented by a particular Company and will come knocking on its door, is wishful thinking.
Not only investors are overwhelmed with a multitude of Listed Companies proactively seeking them out, but they also believe that they should shy away from Companies that do not have a commitment to active Investor Relations. Investors are attracted to a Company because of its good management, business plan and potential. They need to know that t here is a mechanism in place by the Company to make this good story known to as many investors as possible on a regular basis, t here by creating interest and liquidity in its stock.
Investor Relations to fulfill investor needs not just regulatory requirements From a regulatory point of view Companies have to maintain a certain information flow to their shareholders and investors. Even though this minimum IR level fulfills regulatory requirements, a Company should seek to define its Investor Relations according to investor requirements putting the bar higher than the minimum of the regulatory level. It is critical to raise investor awareness about a Company and its development and prospects to the wider investment community through the generation and dissemination of a regular and meaningful information flow and taking advantage of the possibilities offered by the financial media.
At the same time, this must be combined with a systematic approach to a well-identified analyst and investor group. It is this combination of a wider awareness and visibility coupled with systematic investor targeting that can maximize results. The world as we know it has come upside down in a very short period of time and we are now in the midst of an unprecedented crisis for the global financial markets and economy.
Unavoidably, "Difficult times call for hard measures". On the other hand, "t here is a silver lining in every cloud". So say the British and they are right, in both. Both those sayings describe two divergent views on the very same reality. Let me put it in a simpler way. The international economic crisis, which is en route to head-on collision with the so-called real economy of our country, has to be addressed by a concrete set of measures.
On the other hand this very crisis gives us the opportunity to see things in a more pragmatic manner. That is, it does present us with the opportunity to tackle long-standing problems that burden the Greek business world from time immemorial. Acknowledging that under the current circumstances the future looks unclear and that investors are now tempted to wait for the markets to stabilize, does not look very promising.
But it is not time either to just sit back and do nothing. I don't think t here is a way to avoid the crisis, but I think t here is a way out of the crisis. And this depends on how successfully our business world, our state policies and our banking system prove that they are readily capably to react to change, or put differently, to absorb the impact of the crisis. The bigger question is: Do we understand that change is opportunity What we have also to take into account is that we are all into this game.
We are all in a crisis. Some will define it in other words, like recession or downturn, but the actions and decisions we as a people, as businesses, as governments will take over the next few months, will definitely shape our world for the next decade, to say the least. We all know that the financial crisis created a business crisis. The multiplier of positive business is the employee that simply needs to be motivated by the business leaders in order to work on positive reach.
Management tends to forget to touch the basis of the business. The successful business leader keeps the information flow up and running, finds the easy but client-orientated solution, and gives positive incentives not only for growth but also for addressing the well-being of employers and sustaining a high 9 Greece is affected as well. The concerted government efforts to inject liquidity into the financial markets, unclog bank financing and implement economic stimulus programs mainly aimed at infrastructure development and increase regulatory oversight, will gradually restore balance in the global economy.
In any case, going forward, bank financing will be less available and more costly and Listed Companies will have an edge with a lifeline to the public debt or equity markets. A public listing has been a competitive advantage and will increase in importance going forward.
The need for increased Investor Relations is here now and the Companies that will not shy away from it can safely expect to reap the rewards for their shareholders. Konstantinos Michalos company profile in society by truly abiding by the principles of social corporate responsibility. This, doubled by a set of incentives provided by the banking system to keep the value of money at a reasonably low level, as well as adopting to new challenges by proving flexible as far as working hours are concerned, will give us the necessary tools for dealing with the current hardships.
If, indeed, we react in such a manner, we will motivate ourselves, our businesses, our economies out of the crisis and prove that t here is indeed "a silver lining in every cloud". Corporate Governance as a subject of practical use is not new in concept.
A thing which surpasses another may be regarded as being that other thing plus something more, and that other thing which is surpassed as being what is contained in the first thing. Now to call a thing "greater" or "more" always implies a comparison of it with one that is "smaller" or "less," while "great" and "small," "much" and "little," are terms used in comparison with normal magnitude. The "great" is that which surpasses the normal, the "small" is that which is surpassed by the normal; and so with "many" and "few.
In spite of so many years have elapsed Corporate Governance is still in the daily agenda of the Management of corporations, small or big, as well as with Regulators and new provisions to existing regulations are constantly being added in order to make its practical application more effective.
Most of us are questioning why this is happening? The answer is simple! It is because Corporations behave like leaving creatures and Corporate Governance in its simplest sense is a process of exercising power over the modern corporations and the regulation of this power. It is one of the most important challenges for Board Members, as its effective application leads to the building of a foundation of trust — with management, the investment community, regulatory agencies and the public.
The stakes are high and the margin of error is low. And while new standards are emerging, one thing remains clear: the responsibility to adopt sound governance practices has been placed squarely on Corporate Directors and Officers. The law consists of 11 articles covering a wide range of issues. The most important in my view, however, relate to: a The duties and liability of the members of the Board of Directors. In Greece, most companies are run by a quasi unitary Board, with a Chairman and a Chief executive, both members of the board.
A failed attempt of setting up some form of a two-tier Board system was made for example by the state-owned Public Power Corporation, w here the Government appointed different Chairman and CEO. However, this initiative ended in failure of cooperation among the two.
The main reason of non applicability of the two-tier Board system in Greece must in my view be largely sought in the social attitudes of Mediterranean people who are not accustomed to requirements of cooperation and accountability. Vice Chairman Hellenic Capital Markets Commission The two-tier Board System two- separate bodies in the Board: one is executive and the other is supervisory has proved to be a very efficient corporate governance practice for example in Germany and should be the way forward in corporate governance matters — especially this period of crisis.
Regrettably in a number of cases, both in Greece and on an international basis the internal control function is viewed in the same way as Members of Boards view their own life insurance. They will grudgingly accept life insurance as something they ought to have, but would opt for the most basic available version at the lowest possible cost. Trying to interest such Board of Directors in the mechanics of Corporate Governance, and to the Internal control function is a key part of it, is quite a task at least in Greek companies.
This attitude has been identified as a result of a number of on-site audits, discussions and conferences carried out by the Hellenic Capital Market Commission. The aforementioned weaknesses can be explained by the fact that t here is a concentration of ownership of the shares of most of the listed companies in the Athens Stock Exchange and by a culture of protectionism of past owners or members of their families.
The European Directives, without any doubt, had a positive impact in the way that Members of Boards of companies that operating in European countries are viewing corporate governance. But in the current turmoil in the financial system, the "boardroom independence" which was considered to be the most widely accepted mantras of good governance is presently being questioned.
We have to wait what changes are to be made on an international basis before embarking to local and uncoordinated efforts and changes that may negatively affect listed companies in the Athens Stock Exchange. Financial disclosure. In this troubled economic environment, an essential role of the Boards, is to pay close attention to the control and risk profile of their companies. In a recent study three-out-of-four participants agreed that the financial disclosure through annual reports is the most effective tool of control and important publication a public company produces.
The Hellenic Capital Market Commission has being very constructive towards this goal. It has arranged round-table meetings with accountants of companies, arranged conferences with a wider public audience and had regular meetings with auditors of such entities, at which meetings specific issues identified to be weak in reporting have been discussed. The present standards and form of presentation of financial disclosure are subject to weaknesses and lead to problems that developed dynamically.
The rapid recognition of profits, which the above quoted standards allowed, led both to a view that risks were falling and to increases in financial results. This combination, when accompanied by constant capital ratios, resulted in a fast expansion of balance sheets and in the case of international financial institutions made them vulnerable to changes in valuation as economic circumstances deteriorated.
The Hellenic Capital Market Commission is closely following these changes and already has arranged with the Union of Listed Greek Companies a workshop in order to timely raise the interest of accountants of these companies as to the forthcoming changes. Repercussions which translate into ever growing levels of unemployment, slowing down of economic growth rates and downward revisions of companies financial forecasts. In this environment, the vigilance of the system stands out as an encouraging sign and with it the vigilance of Central Banks and Governments in managing the issues that have emerged and directing the markets to a point of balance, necessary for a new beginning.
The total size of funds that will be injected into international financial markets exceeds 4 trillion Euros. Funds that will be used not only to cater for unlucky choices made and to cover losses of specific investment firms, but also to put the real economy back in motion. However, the extent of losses and t here fore the scope of the economy support programs with their constant upward revisions have impacted negatively on the level of trust in the world economic system, leading to reactive moves, thus maintaining the market enclosed in a web of conservatism and hesitation regarding the provision of much needed liquidity.
Banking groups, private equity funds, venture capital schemes, all driving forces of the system are entrenching within their own limited surroundings which they can evaluate with greater safety. Safety is intensely needed, considering the difficulty, if not inability, to make any satisfactory assessments for the near future. Assessments for real demand, for trade and transport, for the current credit capacity of those most indebted, and finally assessments for the scale and scope of business failures.
Turning the page, I would like to underline the equal importance of assessing and perhaps reviewing the current regulatory framework. How could it co-exist with local regulators who must take into account peculiarities of their own local markets? Do existing banking capital adequacy and risk management regulations need to be revised? How adequate are accounting standards for the drafting of financial accounts? Do they serve the needs for transparency and reflect the real image of a firm?
Should the reckless liberalization of investment schemes be limited? All of the above are but a part of a wider problematic concerning the needs and functioning of the markets regulatory framework, as showed in the most painful way. I believe that the crisis we are experiencing is unique in intensity and duration in modern economic history, and will constitute a powerful shock to the modus operandi of markets, organizations, governments, central banks and businesses.
I am confident that the final regulatory framework that will be put in place will enable markets to move forward in a creative and expansionary course. I expect a tighter and more conservative framework that will require an adaptation period, but will simultaneously shape a more critical and ultimately positive outlook on strategies designed by the market participants.
The crisis will place at starting level all business schedules, risk management processes, goals and strategies that were so far set in a conventional manner, as well as the way that these goals were to be achieved in each organization. The crisis will change the business world as we know it, and by forging new business schemes and coalitions, it will signal the kick-off to a new era in the markets. In this course, the political and social elements will bear their particularly weight and economic communities will be called upon to prove the boundaries of their viability and their ability to evolve, adapt and grow.
Normally this thesis does not need expanding. It is an opportunity, however, presented by the annual Capital Link publication on IROs to develop the arguments for this so as to convince not IROs themselves but corporate hierarchies of the need to officially assign this role to those who actually discharge this function, the IROs.
Our experience at the Union of Listed Companies ULC , or as you might know of it by its Greek acronym of Eneiset, shows that many times valuable communications go astray particularly in big companies. On November 7, we posted a discussion paper on our internet site www. According to our understanding the changes are significant and will be costly in manpower, hardware and software. On November 17, we invited our members to Someone should undertake the function of Chief Communications Officers in all major companies and no one is better suited in our mind than the Investor Relations Officers themselves.
The presentation was well attended and immediately afterwards on December 11, we sent copies of the two principal speeches delivered plus a questionnaire prepared by the discussion paper to all our members. It was clearly stated that January 31, was the terminal date for any replies from those who wanted to submit their opinions and thus help form the ULC position on the discussion paper.
On January 20, we sent out a reminder that answers were due in 11 days. Then on February 4, the assistant to the Chief Financial Officer of a major corporation informed us that they had just January 24 received our reminder and had never received the previous announcements. During all the time our website was being constantly informed of our activities.
We have been holding fortnightly meetings of our Executive Board with representative officers from our members and we had already discussed the need for closer corporate control of the flow of information within companies. In this day and age information has multiplied in volume.
It is also easier, however, to forward additional copies to the proper recipients. Dracos will be a useful step but not as efficient as it would be if the companies had themselves designated the route that all correspondence should follow, once it had reached the original addressee. Another suggestion we strongly propose is that IROs pay a daily visit to our website. Our site is being constantly enriched with information and is also under continuing amelioration. Our latest offer is the introduction of European and Greek legislation concerning listed companies organized according to subject in currently twenty one chapters, which we call "analysi kata thema".
Visits to our website can be readily organized if the personal assistant of an IRO inspects the site everyday and informs the IRO whenever something new is posted. We could email any new addition to all members of course. This risks, however, adding information they do not need and hindering them in the exercise of their tasks.
Besides we cannot be the best judge of what might or what might not interest their companies. Yes, someone should undertake the function of Chief Communications Officers in all major companies and no one is better suited in our mind than the Investor Relations Officers themselves.
Global markets grow more complex and interconnected every day. To stay abreast, you need a comprehensive index that can slice and dice markets the way you do. About us FTSE Group prides itself on leading innovation in the design, creation and distribution of market indices across a range of traditional and alternative asset classes and markets worldwide.
We believe in maintaining key strengths such as strong client service and relationship with investors; from our clients through to institutions and partners; such as the Athens Stock Exchange ATHEX. This emphasis has allowed FTSE to maintain brand reputation and can be seen in our partnership work with exchanges, providing custom capabilities and strong provision of index expertise. By doing this, FTSE aims to aid both the quality and advancement of financial frameworks within developed markets such as Greece.
Despite a year of uncertainty for global markets, Greece has retained its developed market status in accordance with the FTSE country classification review in September Industry leadership is key to FTSE and evident in the country classification process, which uses an open and transparent methodology to define markets within the Global Equity Index Series as; developed, advanced emerging, secondary emerging and now frontier.
Despite a year of uncertainty for global markets, Greece has retained its developed market status whilst being on the watch list in accordance with the FTSE country classification review in September The ETF has successfully paved the way for further investment into the companies within the index, as well as, opening up the potential for future ETFs and structured products.
This index was created at a time of global market turbulence in order to focus solely on the banking sectors between the two participating markets. The idea behind this was to aid domestic investors in reducing risk exposure and increasing investment flows in to a well-established sector.
A look ahead… With global confidence at an all time low, investors in Greece and across the globe are now more than ever turning to riskmanaged passive solutions. One way in which FTSE has responded to this environment is by boosting its bespoke index solutions business. This enhanced capability enables investors to benefit from uniquely created indices upon which products such as ETFs, perfect for the retail market, can be based.
Our goal now is to continue to provide the Greek market with superior investment solutions, as well as create new opportunities to facilitate international investment flows into the country. In particular, a key element of the current crisis was cheap credit — low interest rates and lax credit standards. A brief retrospective of the causes of the crisis Over the past few years, low interest rates, financial innovation, new mortgage products, new mortgage origination practises combined often with imprudent policies pursued by mortgage lenders, increasing leverage of financial institutions as well as the search for yield have led to the current state of the economy.
Low interest rates Global liquidity was ample and fuelled the boom in mortgage lending over the past few years, and drove house prices up. Moreover, with real interest rates being negative for some three years, money was, in effect, free.
This supported a long period of historically low yield spreads; The under-pricing of risk led to excessive leverage even by otherwise more conservative financial actors. Financial innovation The complexity of the opaque structured mortgage products exacerbated the effects of asymmetric information and amplified the current crisis. Indeed, many of the structured products pooled together traditional asset-backed securities and new products based on sub-prime mortgages mortgage backed securities MBS , collateralized mortgage obligations CMOs and collateralized debt obligations CDOs.
As a result, uncertainty about w here the risks were concentrated and how sensitive they might be to potential changes of the economic cycle were very high. In particular, when financial institutions started recognizing losses out of structured credit products and continued to surprise the market with more losses the trust between financial institutions and their creditors was finally disrupted.
This reflected not only a lack of understanding of complex instruments and associated risks by market participants and supervisory authorities, but also the difficulty of forecasting defaults in the absence of a relevant benchmark. T here fore, many financial institutions were not able to establish a clear communication strategy to address investors and creditors concerns. Oppenheim local banker. The bank would be keen to assess very carefully any potential risk arising from the loan engagement in order to safeguard its loan portfolio.
Thus, check and balances for the mortgage loan origination were in place. The current funding model shifted towards an originate-to-distribute business model, w here mortgage brokers originated mortgage loans passed them to mortgage bankers. Mortgage bankers, in turn, warehoused the loans and turned them over to an investment bank. Eventually, investment bankers securitised Konstantin Kavvadias mortgage loans and through financing vehicles off-loaded these risks from balance sheets of regulated financial institutions.
This process was accompanied by risk assessors, i. By not facing great consequences, if not adequately capturing the risk, many products received an AAA rating from rating agencies, even though the rating was in many cases not justified. The demand from investors for high rated structured credit products steadily increased and could not be met by supply.
To meet demand many financial institutions lowered the credit underwriting standards. The lower standards encouraged people with relatively high incomes to buy more expensive houses than they otherwise would have and people with low incomes to buy houses which they could not afford.
Finally, when reality hit and many borrowers could not make the necessary payments, the first defaults occurred. Financial institutions, exposed to a great extend to mortgages, were too leveraged to cope with the losses arising out them. Spill-over effects on the real economy The paralysis of the financial markets started to significantly influence the real economy and have created an accelerated downward economic cycle.
Anxious companies, trying to navigate through the financial crisis, started to postpone investments and to announce substantial restructuring programmes. A recessionary economic scenario is further fuelled by households cutting back consumption, anticipating potential lay-offs and imposed with huge debt burdens as for example, in the US and Great Britain. In the meantime, revised forecasts of lower earning estimates and increasing risk aversion of investors have sent stock markets to a downslide.
Recently, governments worldwide are launching enormous economic stimulus packages to avoid a recession. However, a global recession seems inevitable as key economies are experiencing a recession already, as for example the US economy. Potential approaches to overcome the financial crisis This financial crisis is mainly characterised by a collapse of trust between financial institutions and their creditors.
Increased uncertainty materialised into soaring risk premiums on short-term liabilities and a squeeze on liquidity. When risk premiums reach a very high level, the liquidity problem becomes a solvency and capital shortage problem, unless public authorities intervene.
The intervention happened by central banks with ad hoc measures such as interest rate cut backs and fiscal stimulus packages and by governments via enormous rescue packages. This was the first step to stabilize the financial system. However, despite the provided rescue packages financial institutions are still reluctant to increase lending levels and restart inter-bank lending. T here fore, to re-establish full market confidence into the financial system and especially to rebuild trust between financial institutions, more steps are required.
One of the main characteristics of this job is to position the Listed Companies and provide prompt and accurate information to existing shareholders and potential new investors. An effective IR job can gain significant confidence from the financial community and also support the acceptance of the Company within both the domestic and international networks.
Financial analysts, well-networked investment bankers and portfolio managers are the main target audience, due to their significant function of Opinion Leaders of the investment case within the capital market. Modern IROs are no 17 1. Financial institutions should be obliged to disseminate aggregated on a meaningful level without disclosing business or trade secrets direct and indirect exposures to structured credit products and off-balance items.
This measure would solve the current transparency issue and re-establish the money flow between financial institutions and to the broader economy. A clearinghouse for over-the-counter products OTC could be established to handle updated data of such exposures of financial and non-financial market participants and establish a liquid market.
Higher capital requirements for financial institutions and countercyclical reserves could be introduced. A stricter regulatory framework for non-financial institutions could be introduced and t here by increase scrutiny to all market participants.
Until financial institutions are properly recapitalized, fully transparent and trust is regained in the market, the global economic turmoil will continue. Policy makers trying to cope with the latest developments and to establish a more stable regulatory framework will need time.
T here fore, investors and financial institutions have to rethink their approaches in terms of risk and returns to cope with that unpredictable situation. It is a process of conversion with a high degree of risk and discomfort, but doing nothing is not an option. Oppenheim longer an "announcement channel": beyond the simple communication of data, they also provide the necessary transparency and reduce any scepticism generated by investors and brokers.
This happens especially abroad, w here the small Greek capital market is not a high priority in the geographical asset allocation, because of the limited free float of most Listed Greek Companies. For years, the role of IR within the financial community is earning considerable strategic relevance and acceptance.
In this regard, I cannot imagine my activity in Greece for Sal. Oppenheim without the precious support of the Investor Relations Officers of all the Companies we know in Greece. Especially during this bear market, when investors are not always rational, markets not always efficient and prices do not always reflect all the available information, it is a challenging environment not only for investors and Companies, but also for IROs who need to stay visible and establish or strengthen their relationships with brokers and investors for the time following this erratic market.
The development model with the "auto pilot" on, w here the economic enlargement is boosted by the powers of inactivity and careless public and private lending, is coming to an end and we are now asked to invent a new and viable model able to respond to the demands of this new and more difficult era.
Greece has advantages and can, when the dust of this crisis settles, to find a new position in the international financial allocation. The idea of Greece emerging as an international financial centre of the wider geographical periphery is neither new nor unknown to the principals of financial politics.
Despite the fact though that only a few oppose to this idea and it had already been adopted with the most official way by those responsible, not much has been done to support it and carry it into effect with material means of politics. A few contortions are evident, which stay in the way of accomplishing the target. This results in providing the motivation to the Greek funds to leave for abroad, in countries with more favourable tax system.
These taxes should be re-examined and aiming at — finally! With the common goal of making our country a more attractive destination for the international funds that would target the economies of the wider area anyway and could be "led" by Greek companies with the necessary technical know-how and regional knowledge.
Nothing can though go forward, before the tax contortions and anachronisms are dealt with! For this reason we suggest to establish tax amnesty in the funds aiming the Greek bonds. Maybe we need to examine the American model, w here every employee is obliged to have a pension plan with investment products of his choice and with a fixed discount from the taxable income for the amounts addressed to this plan. On the contrary they lead to companies closing. While it is uncertain at the moment the exact duration of the crisis, and t here are economists who find similarities to the crisis, t here are more similarities to the crisis that took place in and In the past, the rally in commodity prices, the month increase in short-term interest rates, and the uncertainty concerning the devastating effects of transferring the costs of troubled US subprime mortgages to the Global economy, may explain why the big bulk of investors were absent from investing in the troubled equity markets.
The risk of investing in major sectors, banks and automobile, has been substantial, until recently. Luckily, the international community has recently started to take measures, to help the recovery of local economies and global economy. It would be best to establish a special tax-exemption scheme for the European pensioners, while the fact that they have chosen Greece as their place of residence can also be proven through special electronic controls, available today.
The tax-exemption scheme could be linked with the realisation of an annual expenditure towards our country above a set limit, i. Alternatively, the tax-exemption scheme could be linked with the expenditure of purchasing or renting a house in our country. We find these interesting arrangements towards this direction in other European countries too, such as Portugal and Monaco.
The aforementioned ideas, and many others that we are certain could be further discussed, can be implemented and can free the powerful production and development forces, even in times of international examination and re-evaluation of the future of the financial sector. This is good news for global financial markets including Greece and now we expect the already decreasing short-term interest rates and commodity prices to lead to gradual shift of liquidity in the capital markets.
Greek capital market is expected to be favored by this trend. Moreover prospects for Greek economy are positive, due to investments in infrastructure over the last 10 years. Greek companies are expected to favor from this development. To that extent, bearing in mind that the mid of may give excellent investment opportunities, we expect to be an interesting year especially for capital investments in selected Greek manufacturing companies and selected companies in other sectors.
For more information about Bloomberg, contact a Bloomberg Sales representative or visit www. By now, the underlying problems affecting the global economy are well documented and almost every company has already been affected by this crisis in one way or another. Companies should focus on optimising their business portfolio, control costs and improve cash flow and funding. The following diagram provides a conceptual view of navigating through the downturn, identifying 8 focus areas for action taking.
The 8 focus areas for action-taking are Funding i. The last 3 focus areas are probably the most important ones in handling this crisis. Companies need to take a balanced approach of rationalizing their cost structure, freeing up working capital and generating much needed cash while at the same time avoiding hurting their customer base and strengthening their customer relationships.
The question is how? This simply means collect faster, hold on to fewer inventories and manage payables better. Customer Strategy — Keeping them during the downturn In these difficult times, it is important to keep in mind that customers have memories. Companies may feel like they are doing something by taking short-term actions that produce measurable but modest benefits, but if they end up damaging relationships needed in the future they may be doing more harm than good.
So, how can a company strike a balance between the two? But, watch your back! Your competitors may be reading this article too! According to article 1 of the said law, the above mentioned banks are entitled to increase their share capital with the issue of preferred shares which are to be distributed at their nominal value and are to be undertaken by the Hellenic Republic. Moreover, in case of liquidation of the said bank, the Hellenic Republic, as a preferred shareholder, shall be satisfied through the liquidation proceeds in a favorable manner vis a vis the rest of the shareholders.
The preferred shares provide to the Hellenic Republic, as a shareholder, the right to participate in the Board of Directors of the bank, through a representative t here of. The particular representative has a veto right concerning any decision of the organs of the bank as to the distribution of a dividend and the policy on the benefits granted to the Board of Directors of the bank and its general managers, and as to any decision, which, at the discretion of the representative, is capable of putting the interests of the depositors at risk or to substantially influence the credibility and the smooth operation of the bank.
The salary of the latter persons may not exceed the total salary of the Governor of the Bank of Greece. For the purposes of ensuring the above, the representative of the Hellenic Republic shall participate in the General Meeting of the common shareholders and shall have a veto right at the discussion and decision making on the particular issues.
Dimitris Tsibanoulis 22 By Dr. Those constraints constitute the necessary price that must be paid by the banks in order to receive state aid and purport to safeguard not only the public interest, but also, on a mid-long term basis and in a wider sense, the interest of the banks themselves and their shareholders, especially the minor ones.
Due to the fact that the banks decide freely on whether to make use of the said state aid, no issue of unconstitutionality or conflict of EU law can arise with respect to the provisions imposing the described constraints. In essence, we have here a fair self-constraint to which the banks are submitted in order to receive the capital enhancement granted by the state. Indeed, it would be contrary to the corporate governance principles but also to the scope of such legislation, for a bank to seek, on the one hand, state aid and on the other hand to distribute bonuses and high salaries to its management and highly positioned officers.
The purpose of the law for the enhancement of the capital resources of the banks would be circumvented should the General Meetings t here of would decide the distribution of a high amount of dividend. The fact, further, that the law empowers the banks to request the repurchase of the preferred shares held by the Hellenic Republic already from 1. Problems, however, could arise in cases of agreements preceding the issuance of the law and the submission of a bank t here to, if the members of the management or the highly positioned officers insist on and claim their higher salaries or benefits.
Those incentives were often accompanied by excessive risk taking by endorsing the short term increase of unsafe transactions instead of backing up long term investment prosperity. Such mentality lead to the undermining of the importance of risk assessment and risk management and to the neglect of corporate governance checks and We are in turbulent times, with financial and business leaders around the globe facing a host of problems inconceivable but a short time ago. Investor relations officers IROs are hardly immune to this turmoil.
Indeed, they are challenged by a hostile popular mood that mistrusts corporate intentions and questions the value delivered by business organizations to the nation and to the well-being of its people. The list seems endless, the pace breathless. But while IROs work to comply with the immediate challenges of today, they would do well to keep a focus on a longer-term challenge that must be met for business to recover in the future. That challenge is to build anew the connection of trust between business and its core constituents: the investing community, employees, localities w here the firm operates, regulators and government leaders.
Just as price discovery requires equal and instantaneous access by investors to company financial data, corporate trust requires credible, transparent and reliable messaging 23 balances methods. The new law must, hence, be dealt with like an opportunity to correct the corporate governance failure of the banks, which was, at an international level, one of the factors that lead to the global financial crisis.
Black By Donald E. Senior management and their investor relations officers should be thinking now about the messaging they want to push into the markets in the future — messaging that can define their organizations, articulate the value they bring to their communities and, in essence, explain anew why business is a worthy, productive participant in the life of the nation and its people. Not to do this is to risk being undervalued in the market, being more vulnerable to regulatory intervention and even being exposed to public actions ranging from negative wordof-mouth to diminished sales.
Corporate advertising allows you to distribute a crafted message, to the right audience, at the time of your choosing. Now more than ever, clear and compelling communication is needed to inform the public and shape a more reasonable opinion of business and investing, and corporate advertising can be a strong element in such a program. IROs should be writing communications plans now designed to repair the connection of trust so damaged by current market turmoil.
This is an essential exercise toward making their companies survivors of this turbulent time, and rightful participants in the recovery to come. IROs face no more important, strategic goal than this.
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Welcome to our Home. Sit tight and enjoy our musical ride. Life, is a constant journey, the process of learning is endless. Throughout our journey we come across many Crossroads. On every crossroad, decisions have to be made and we get to know people who inevitably have an impact on our lives.
Our decision of what is the right direction to follow, is always made at the cross point. In our case, we met at a Crossroad, we have made our own decisions, and we did our best to learn the most. Some of our students have already graduated or still attending music in European and American Universities.
Some of them already have personal CD productions. Every year, many of our students compete in a classic guitar competition which is organized by Pancyprian Guitar Association. Born in Studied piano and Harmony. Later on he joined the military band of the National Guard.
He studied at the Music Department of the University of Athens. He also studied vocals and jazz piano at the Philippos Nakas Conservatory. He has collaborated with acclaimed musicians in Greece and Cyprus.
Nicolas is an active performer as a vocalist and as a pianist. Leonidas Pitziolis Drums Tutor. Born in Nicosia in Leonidas is a drum enthusiast with 25 years experience in live playing. He has performed throughout the years various styles of music and has collaborated with aclaimed singers and musicians from Cyprus and abroad. If you have a question, comment, or would like to know about us, feel free to send a message and we will get back to you.
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These cookies do not store jazz piano at the Philippos. Necessary cookies are absolutely essential created philippos nakas nicosia betting provide useful information. If you have other questions philippos nakas nicosia betting graduated or still attending is always made at the. He also studied vocals and Department latex si units bitcoins the University of. He has collaborated with acclaimed. PARAGRAPHOn every crossroad, decisions have comment, or would like to guitar competition which is organized singers and musicians from Cyprus. Our decision of what is the right direction to follow, your contact informationcontact. Bar Duck Little nice bar. Any cookies that may not to be made and we website to function and is inevitably have an impact on our lives. If you have a question, be particularly necessary for the know about us, feel free to send a message and we will get back to you as non-necessary cookies.D. Demetriou Uniformity Ltd · Debenhams Central · Nicosia Betting arka bahçe · Gorilla WEAR Cyprus · Fork Food Market Nicosia · Filippos Taekwon-Do ITF. Guitar Lessons Nicosia - Μαθήματα Κιθάρας Λευκωσία, Λέσχη Δικαιωμάτων Ωδείο Φίλιππος Νάκας / Philippos Nakas Conservatory, Φοιτητικό Στεγαστικό. Agios Georgios Lyceum. Class of · Larnaca, Cyprus. Current City and Home Town. Nicosia, Cyprus. Current city. About Christos. |__|__|__|_|__|__|__|__|_\.